In a recent decision, the Greenville Independent School District (GISD) Board of Trustees has taken proactive measures to pay off a substantial portion of the district's outstanding Series 2011 and Series 2016 Refunding Bonds ahead of schedule. This move is set to reduce the district's debt by $4,930,000, with $350,000 allocated for the Series 2011 Bonds and $4,580,000 for the Series 2016 Bonds.
The funds for this early debt repayment will be sourced from the existing Interest and Sinking (I & S) fund balance. This financial strategy aims to strengthen GISD's fiscal position and underscores their commitment to prudent financial management.
Greenville ISD Chief Financial Officer, Coy Martin, emphasized the positive impact of this decision on the district's financial health, stating, "The ability to pay off this debt early continues to place GISD in a great position financially. Paying off this debt ensures fiscal responsibility and provides us opportunities in the future to look to the citizens of Greenville for continued support."
With the completion of this debt reduction initiative, the only remaining bond-related debt will be associated with the 2020 bond, which is a refinancing of the 2014 bond undertaken in 2020 for interest cost savings.
Looking ahead, the GISD Board of Trustees has expressed their intention to pursue a second phase of debt reduction. The early pre-payment of the 2020 series bond is on the agenda for discussion at the March Board Meeting, contingent on the revenue received in January 2024.
Board President Kruse expressed gratitude towards the citizens of Greenville for their ongoing support, stating, "We are excited that we are able to meet our commitment to the citizens of Greenville by reducing our debt balance by utilizing the Interest and Sinking funds generated from you, the taxpayer. We appreciate your commitment to support GISD students and staff."
